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> On Fri, Jan 23, 2009 at 3:04 PM, Randall wrote:
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> Take a look; incredible. Instead of a holiday they come up with a mess.
>
Right, and whoever thought leaders who know nothing about how the monetary system actually works would get it so wrong:
Congress is racing to pass a giant bill to stimulate the economy. But a key piece of it may be a little slower in coming than many people expect.
The biggest single tax break in the Democrats’ proposed economic recovery package is the $145 billion ‘Make Work Pay Credit’.
The credit, which President Obama championed, would reach close to 95% of workers and be paid primarily through paychecks. It would be worth $500 per worker or $1,000 for working couples who file jointly. The full credit will be available to those making $75,000 or less, or $150,000 or less for couples. Even workers in those income groups with no tax liability would get it.
The bill is still being debated. But as things currently stand, workers may not see that money until June. And some of the lowest wage workers  those who economists say are most likely to spend the money rather than save it  may not see their credit until they file their 2009 federal tax return sometime next year. But for the credit to be paid out in workers’ paychecks, employers will need to change how much tax they withhold. And they would need new withholding tables from the Treasury Department to do that.
>
> On Fri, Jan 23, 2009 at 11:54 Stephanie wrote:
>
> See business about time necessary to prepare new tables, etc. Totally unnecessary
> if we move to zero with payroll tax holiday.
>
>
Worker Tax Cut: Maybe Not so Immediate
by Jeanne Sahadi
Jan 23 (CNN Money) — Congress is racing to pass a giant bill to stimulate the economy. But a key piece of it may be a little slower in coming than many people expect.
The biggest single tax break in the Democrats’ proposed economic recovery package is the $145 billion “Make Work Pay Credit.”
The credit, which President Obama championed, would reach close to 95% of workers and be paid primarily through paychecks. It would be worth $500 per worker or $1,000 for working couples who file jointly. The full credit will be available to those making $75,000 or less, or $150,000 or less for couples. Even workers in those income groups with no tax liability would get it.
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